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GTA REALTORS® Release October 2023 Stats

  • Lack of affordability and uncertainty remained issues for many would-be home buyers in the Greater Toronto Area (GTA) in October 2023. As a result, sales edged lower compared to last year.
  • Selling prices remained higher than last year’s levels. Record population growth and a relatively resilient GTA economy have kept the overall demand for housing strong.
  • More of that demand has been pointed at the rental market, as high borrowing costs and uncertainty on the direction of interest rates has seen many would-be home buyers remain on the sidelines in the short term. When mortgage rates start trending lower, home sales are predicted to pick up quickly.

RESIDENTIAL STATS

REALTORS® reported 4,646 GTA home sales through TRREB’s MLS® System in October 2023 – down 5.8 per cent compared to October 2022. On a month-over-month seasonally-adjusted basis, sales were also down in comparison to September.

New listings in October 2023 were up noticeably compared to the 12-year low reported in October 2022, but up more modestly compared to the 10-year average for October. New listings, on a seasonally adjusted basis, edged slightly lower month-over-month compared to September 2023.

The October 2023 MLS® Home Price Index Composite benchmark and the average selling price were both up on year-over-year basis, by 1.4 per cent and 3.5 per cent respectively. On a seasonally adjusted basis, the MLS® HPI Composite benchmark edged lower compared to September 2023 while the average selling price remained at a similar level. Both the MLS® HPI Composite benchmark and average price remained above the cyclical lows experienced at the beginning of 2023.


Competition between buyers remained strong enough to keep the average selling price above last year’s level in October and above the cyclical lows experienced in the first quarter of this year. The Bank of Canada also noted this resilience in its October statement. However, home prices remain well-below their record peak reached at the beginning of 2022, so lower home prices have mitigated the impact of higher borrowing costs to a certain degree.

In the current environment of extremely high borrowing costs, it is disappointing to see that there has been no relief for uninsured mortgage holders reaching the end of their current term. If these borrowers want to shop around for a more competitive rate, they are still forced to unrealistically qualify at rates approaching eight per cent. Following their most recent round of consultations, the Office of the Superintendent of Financial Institutions should have eliminated this qualification rule for those renewing their mortgages with a different institution.

CONDO SALE STATS

CONDO RENTAL STATS

COMMERCIAL STATS

The “All Leasing Activity (Sq. Ft.)” chart summarizes total industrial, commercial/retail and office square feet leased through Toronto MLS® regardless of pricing terms.
The “All Sales Activity” chart summarizes total industrial and commercial/retail and office sales through Toronto MLS® regardless of pricing terms.

In conjunction with the Toronto Regional Real Estate Board (TRREB) redistricting project, historical data may be subject to revision moving forward. This could temporarily impact per cent change comparisons to data from previous years.

Distinctive Real Estate Advisors Inc., Brokerage is pleased to present a recap of the latest market forecast release and October highlights from the Toronto Regional Real Estate Board (TRREB).

We’d welcome an opportunity to discuss the GTA Realtors Release October 2023 Stats. If you have any questions about our services, please contact our team.

High Interest Rates Impacting the Market, But Population Growth Will Soon Spur Demand

  • The impact of high borrowing costs, high inflation, uncertainty surrounding future Bank of Canada decisions and slower economic growth continued to weigh on Greater Toronto Area (GTA) home sales in September.
  • Despite the market being better-supplied with listings, the average selling price was up year-over-year.The short and medium-term outlooks for the GTA housing market are very different. In the short term, the consensus view is that borrowing costs will remain elevated until mid-2024, after which they will start to trend lower.
  • This suggests that we should start to see a marked uptick in demand for ownership housing in the second half of next year, as lower rates and record population growth spur an increase in buyers.
RESIDENTIAL STATS

In September 2023, GTA REALTORS® reported 4,642 home sales through TRREB’s MLS® System in September 2023 – down 7.1% compared to September 2022.

The year-over-year dip in sales was more pronounced for ground-oriented homes, particularly semi-detached houses and townhouses. On a month-over-month seasonally-adjusted basis, sales were also down slightly.

GTA home selling prices remain above the trough experienced early in the first quarter of 2023. However, we did experience a more balanced market in the summer and early fall, with listings increasing noticeably relative to sales.

This suggests that some buyers may benefit from more negotiating power, at least in the short term. This could help offset the impact of high borrowing cost.
What is seasonal adjustment? Seasonality refers to a monthly (or quarterly) pattern that occurs in roughly the same manner from one year to the next, e.g., sales are highest in the spring and lowest in the winter each year.
COMMERCIAL STATS

The “All Leasing Activity (Sq. Ft.)” chart summarizes total industrial, commercial/retail and office square feet leased through Toronto MLS® regardless of pricing terms.
The “All Sales Activity” chart summarizes total industrial and commercial/retail and office sales through Toronto MLS® regardless of pricing terms.

In conjunction with the Toronto Regional Real Estate Board (TRREB) redistricting project, historical data may be subject to revision moving forward. This could temporarily impact per cent change comparisons to data from previous years.

Distinctive Real Estate Advisors Inc., Brokerage is pleased to present a recap of the latest market forecast release and September highlights from the Toronto Regional Real Estate Board (TRREB).

We’d welcome an opportunity to discuss the High Interest Rates Impacting the Market, but Population Growth will Soon Spur Demand. If you have any questions about our services, please contact our team.

Cooler Toronto Market Holds Steady Through Summer

HIGHER INTEREST RATES LEAD TO FEWER HOME SALES

  • Higher borrowing costs, continued uncertainty about the economy and Bank of Canada decision making, and the constrained supply of listings resulted in fewer home sales in August 2023 compared to August 2022. The average selling price remained virtually unchanged over the same period.
  • New listings were up by 16.2 per cent year-over-over, providing some relief on the supply front, but year-to-date listings are still down substantially compared to the same period last year. Seasonally adjusted sales were down slightly by one per cent month-over-month compared to July 2023, while new listings were up slightly by 1.3 per cent compared to July.
  • In the broader Greater Toronto Area (GTA) Markets, sales were down slightly as compared to August 2022, signalling a cooler summer market.

RESIDENTIAL STATS

Total Residential Transactions Average Selling Price Total New Listings Residential Property Days on Market

CONDO PRICES SOFTEN AND SALES PICK UP

  • High interest rates has put downward pressure on condominium prices (down 4.2% compared to Q2 last year) and sales have simultaneously picked up (increased by 20.7% compared to Q2 last year)
  • The constraint of new listing is keeping a steady flow of sales in the condo market, but not creating a frenzy within the condominium market with listings taking slightly longer to sell than during the same period last year (20 days on market vs. 15 days on market during Q2 last year).
  • Condominium rentals are up on all fronts, including number of rentals, price and new listings coming to market.

CONDOMINIUM SALES STATS

Total Condo Apartment Sales Total New Listings Condo

CONDOMINIUM RENTAL STATS

Apartment Rental Stats

COMMERCIAL STATS

All Leasing Activity

The “All Leasing Activity (Sq. Ft.)” chart summarizes total industrial, commercial/retail and office square feet leased through Toronto MLS® regardless of pricing terms.
The “All Sales Activity” chart summarizes total industrial and commercial/retail and office sales through Toronto MLS® regardless of pricing terms.

Average Leasing Rates Commercial

In conjunction with the Toronto Regional Real Estate Board (TRREB) redistricting project, historical data may be subject to revision moving forward. This could temporarily impact per cent change comparisons to data from previous years.

Distinctive Real Estate Advisors Inc., Brokerage is pleased to present a recap of the latest market forecast release and August highlights from the Toronto Regional Real Estate Board (TRREB).

We’d welcome an opportunity to discuss the Cooler Toronto Market Holds Steady Through Summer. If you have any questions about our services, please contact our team.

18A Westmount Park — where luxury meets exclusivity

Welcome to 18A Westmount Park Road in Toronto. This home is sleek and elegant, with all of the sophistication one could ask for in a home. Since many professionals no longer have time to escape to their vacation home or cottage as much as they would like to, this home is like a retreat away from home, right in the great City of Toronto.

Privacy like you’ve never seen

When driving down Westmount Park Road, you cannot actually see the house from the street, however you can see a laneway with a bronze “18A” affixed to the bark. Set back more than 200 feet from the street, this home has a level of privacy rarely seen in Toronto.

B&T Graphic Communications Inc. Photo

Breathtaking views

Every inch of this home features breathtaking views of the lush ravine that surrounds it, making it feel like an oasis away from home.

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Kitchen masterpiece

With 12 foot soaring ceilings, an open concept main floor with a beautiful balcony overlooking the ravine just off the family room, the main floor hosts the kitchen which is ideally positioned within the home to be a functional space for the aspiring chef or for the weeknight family dinner. The kitchen features a waterfall island with custom leather-finished granite imported from Brazil with a moveable extra-thick walnut addition, top of the line appliances and exceptional amounts of storage, making the room both functional exceptionally beautiful.

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Outdoor space created for entertaining

With more than 7,000 sq. ft. of outdoor terraces, an indoor/outdoor sound system, an L-shaped pool and 17 foot swim spa, this home was created with entertaining in mind. Hang with your family on the weekends or host an amazing and memorable party —this home was built to accommodate whatever you have in mind.

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A Master retreat that is a true escape

This extremely spacious master bedroom is truly an escape from the world. It features a private terrace overlooking the ravine, an exquisite ensuite bathroom with custom bathtub and exceptional views for relaxing, and a dressing room built to impress.

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A ground floor with some WOW factor

With a built-in gym, infrared sauna with a built-in LCD screen, a cedar aromatherapy and massage room and more, the ground floor of 18A Westmount Park Rd is built for relaxing and entertaining alike. Featuring a guest room with ensuite bathroom, a kitchenette for entertaining and a walk-out family room that creates an indoor/outdoor space with custom suspended wine rack, this home is sure to impress and fulfill the needs of the modern active family.

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Dying to see more? Visit 18A Westmount Park on our website to learn more about this spectacular home today, or call our office to book your private tour.

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